EON NRG Ltd (ASX:E2E) Half Yearly Report

The directors of Eon NRG Limited (ASX:E2E) (OTCMKTS:ICRMF) ("Eon NRG" or "the Company") submit their report, together with the financial statements for the half year ended 30 June 2018 as follows:

Review of Operations

Following the acquisition of the Borie Oilfield, Wyoming in December 2017, the Company has improved production and optimized the operations in that field. A secondary recovery waterflood program was implemented in the North Borie Field.

Eon carried out a very successful gas well recompletion at the Silvertip Field in February 2018. This well (35-28) recorded a 60-day IP of 487Mcf/day and has produced in excess of 63 million cubic feet of gas up to 30 June 2018 which has contributed to the overall increased production profile from the Silvertip Field in the first half of 2018.

Exploration Prospects.

The Company is actively pursuing oil and gas exploration prospects in the Powder River Basin (PRB), Wyoming. Eon NRG is looking to grow its production and reserves by securing land positions which will support prospects that demonstrate strong economic returns. The process of identifying potential prospects by reviewing existing well data and through negotiation with existing operators in the PRB commenced in H1-18.

The PRB has become one of the most active oil and gas basins in North America, and has a long history of oil and gas production from more than 4,000' of multi-stacked pay zones. The PRB has seen a significant increase in exploration and production in recent years from large E&P companies including Anadarko Resources, Chesapeake Energy, EOG Resources, Anschutz and Devon Energy through horizontal lateral wells in the unconventional rocks of the Niobrara and Mowry Shale. Operators have also tested horizontal laterals in the conventional sandstones of the Parkman, Sussex, Shannon and Turner with excellent results.

Eon NRG has identified potential drilling opportunities in the Minnelusa Formation, but it will also target the conventional sandstones of the Parkman, Sussex, Shannon and Turner. Minnelusa prospects are supported by strong economics from wells that have good geological support for the presence of hydrocarbons. Well success rates have improved in recent years with better-quality 3D seismic which allows more accurate identification of drill targets.

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About EON NRG Ltd

EON NRG Ltd (ASX:E2E) is an USA onshore focused energy exploration and production company. The Company's growth path is through drilling of high impact oil exploration wells, supported by its 100% owned and operated long life oil and gas production assets and associated cashflow. The company also has a battery minerals division with prospective leases in Nevada which are at the early stages of low-cost exploration.

   

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EON NRG Ltd